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PARRIS N. GLENDENING, Governor
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H.B. 438
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(3) (I) Subject to paragraph (4) of this subsection, for each investment
account FOR EACH CONTRIBUTOR FOR EACH DESIGNATED BENEFICIARY, the
subtraction under paragraph (2) of this subsection may not exceed $2,500 for any
taxable year.
(II) FOR PURPOSES OF THE LIMITATION UNDER THIS PARAGRAPH,
EACH SPOUSE ON A JOINT INCOME TAX RETURN SHALL BE TREATED SEPARATELY.
(4) The amount disallowed as a subtraction under this subsection for any
taxable year as a result of the limitation under paragraph (3) of this subsection shall
be treated as having been contributed in the next 10 succeeding taxable years and,
subject to the $2,500 annual limitation for each investment account, may be carried
over to succeeding taxable years as a subtraction.
SECTION 2. AND BE IT FURTHER ENACTED, That, except as otherwise
provided in this section, this Act shall be applicable to all taxable years beginning
after December 31, 2001. The provisions of § 18-1999 of the Education Article as
amended by this Act do not apply to prepaid tuition contracts purchased during the
December 31, 2001 to March 22, 2002 enrollment period for the Maryland Prepaid
College Trust. Multiple investment accounts opened on or after January 1, 2002 by
the same contributor for a single beneficiary shall be treated as multiple portfolios
within one investment account for purposes of the subtraction modification under §
10-208(o) of the Tax—General Article.
SECTION 3. 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2002 and shall be applicable to all taxable years beginning after
December 31. 2001.
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May 15, 2002
The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 438 - Credit Regulation - Credit Grantor Revolving Credit
Provisions - Amendment of Plan Agreement.
House Bill 438 alters the law governing amendments to revolving credit plan
agreements (agreements for credit cards, personal lines of credit or open-ended home
equity loans). Most agreements generally permit a credit grantor to amend the terms
of the agreement, including the interest rate or finance charge, the method of
computing the outstanding balance and the applicable repayment schedule. In
instances where amendments are allowed under the agreement, certain provisions of
current law establish a process for notifying the borrower of the changes. House Bill
438 repeals three of these provisions: (1) the requirement that a credit grantor give
notice to a borrower if the amendment alters the manner of the computation of
interest, finance charges or other fees and charges; (2) the requirement that a credit
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- 5121 -
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